| THE MINISTRY OF FINANCE --------- | SOCIALIST REPUBLIC OF VIET NAM Independence - Freedom - Happiness ---------- |
| No. 125/2012/TT-BTC | Hanoi, July 07, 2012 |
CIRCULAR
ON GUIDING FINANCIAL REGIME APPLICABLE TO INSURERS, REINSURANCE BUSINESSES, INSURANCE BROKERS AND BRANCHES OF FOREIGN NON-LIFE INSURERS
Pursuant to the Law on Insurance Business No. 24/2000/QH10, dated 9 December 2000;
Pursuant to the November 24, 2010 Law Amending and Supplementing a Number of Articles of the Law on Insurance Business No.61/2010/QH12;
Pursuant to Decree No. 46/2007/ND-CP of the Government dated 27 March 2007 on the financial regime applicable to insurers and insurance brokers;
Pursuant to the Decree No. 123/2011/ND-CP of December 28, 2011, detailing a number of articles of the Law amending and supplementing a number of articles of the Law on Insurance Business, and amending and supplementing a number of articles of the Government’s Decree No. 45/2007/ND-CP of March 27, 2007, detailing a number of articles of the Law on Insurance Business
Pursuant to Decree No.118/2008/ND-CP of the Government dated 27 November 2008 on functions, duties, powers and organizational structure of the Ministry of Finance;
At the proposal of the Director of insurance management and supervision Administration
The Minister of Finance promulgates Circular guiding the financial regime applicable to insurers, reinsurance businesses, insurance brokers and branches of foreign non-life insurers:
Chapter I
GENERAL PROVISIONS
Article 1. The scope and subject of application
This Circular guides the financial regime applicable to insurers, reinsurance businesses, insurance brokers and branches of foreign non-life insurers being established and operating legally in Vietnam
Article 2. Principle of financial management and supervision
The life or non-life insurers,health insurance businesses, reinsurance businesses, insurance brokers and branches of foreign non-life insurers are self-responsible for management, use of capital, supervision of financial operations, result of business and implementation of their obligations, commitments comply with provisions of law
Article 3. Interpretation of terms
The terms in this Circular are construed as follows:
1. The insurers mean life insurers, non-life insurers, health insurance businesses, reinsurance businesses, insurance brokers.
2. The insurance businesses mean life insurers, non-life insurers, and health insurance businesses.
3. The foreign branches mean branches of foreign non-life insurers.
4. The joint- stock insurance companies mean joint- stock life insurance companies, joint- stock non-life insurance companies, joint- stock health insurance companies, joint- stock reinsurance companies, joint- stock insurance broker companies.
